Arcadia Biosciences, Inc. (NASDAQ:RKDA) saw its shares soar early Monday, after reporting a global collaboration with Arista Cereal Technologies and Bay State Milling Company for commercialization of high fiber wheat
The Davis, Calif-based company claims a status as a leader in science-based approaches to enhancing the quality and nutritional value of crops and food ingredients RKDA says, under the terms of the binding agreement, Bay State Milling will become the exclusive commercial partner for Arcadia's high fiber wheat in North America under Bay State Milling's HealthSense™ brand portfolio, while Arista receives exclusive rights under Arcadia's intellectual property in Australia, New Zealand, Europe, Japan and South Korea.
Monday’s news release went on to say Arcadia will continue to market its high fiber wheat under its GoodWheat™ portfolio of specialty wheat ingredients in other international markets.
According to Raj Ketkar, "We are pleased to have entered into an agreement with Arista and Bay State Milling that will accelerate commercialization of our high fiber wheat in key wheat markets – and capture revenue in 2019 and beyond.
"Bay State Milling is an excellent partner for North America, bringing its strengths in milling, identity preserved supply chains and technical support of customer food companies."
In 2015, the global flour market was valued at $200 billion and is estimated to reach a value of $270 billion by 2022. The United States Department of Agriculture reported the total value of wheat production in the U.S. was $9.7 billion for 2018.
Shares zoomed $1.82, or 28.1%, in the first hour of trade Monday to $8.29
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